Brazil's Gol expects 2022 net revenue above pre-pandemic level; shares up

Brazilian airline Gol Linhas Aereas Inteligentes SA said on Friday it expects its net revenue to come in above pre-pandemic levels at about 14b reais ($2.51b) in 2022, an announcement that sent its shares higher. The forecast compares with 13.9b reais of net revenue in 2019 before the COVID-19 pandemic struck, Gol said in a securities filing, while noting that revenue should increase by about 100% from the current year. Brazil’s largest airline also said that diluted earnings per share based on US-traded American depositary shares (ADS) are expected to reach about $0.10 in 2022, compared with $0.96 in 2019. Gol also expects 2022 capital expenditure of 700m reais, against 639m reais in 2019, while its net debt to EBITDA ratio was estimated at about six to one, up from four to one in 2019. The airline said its preliminary forecasts reflect passenger revenue and frequent-flyer revenue expectations for the next year. They also take into account free cash flow, financial expenditure, crude oil prices and forex exchange rates, it added.<br/>